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You may think that you have a great health insurance plan in place, thanks to your employer. However, after visiting the doctor and getting the bill, you find that you pay more than you expected due to the deductible. How will you pay the bill? There are smart ways you can cover the cost of health insurance, allowing you to take full advantage of your great health insurance plan. In fact, there are several tax-free ways you can pay for health insurance deductibles. Here are some ideas to get started.


A health savings account (HSA) is a personal savings account designed to help you pay down some your medical expenses. The money that you put into your HSA is tax-free so your money can be stretched farther. Using the money allocated to your HSA for your deductibles will help you get the medical care you need throughout the year. Additionally, having an HSA reduces your tax burden, reducing how much of your paycheck goes towards your taxes each pay period.

You can elect to participate in an HSA if you meet the following conditions:

•        You are not enrolled in Medicare.

•        You have an HSA-compatible health plan.

•        You can’t be claimed as someone’s dependent.

•        You are not covered by a health plan that is incompatible with an HSA.

To be certain you are eligible, speak with a human resource professional in your organization.


A flexible spending account is more ordered than an HSA. You set up a payment plan from your paycheck to pay into the account. Each time you get paid, a certain amount of money goes into your FSA account to use towards medical expenses. Just like your health savings account, you can put money in tax-free. With no taxes associated with the money, you have more money available to you when you go to pay your deductibles than if you did it right from your paycheck.


Your 401k is designed to be used for your retirement, but there are certain times when you are allowed to take money out. The great thing about having a 401k is that you can take a loan out on your money. When you pay it back, you are essentially paying yourself back along with any interest you pay. A 401K loan is a great way to cover your medical bills without having to go further into debt. Because your 401k is tax-free, you can put much more money into the account than if you put in it yourself. You will have to set this up with your employer and choose how much you want to place into it every pay period.

Does your staff have these options? Call Corbett & Associates Insurance Agency at (805) 496-1424 for more information on Thousand Oaks health insurance.

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